LIC’s Jeevan Azad Plan is a non-participating, individual saving endowment plan. In this, the premium has to be paid for a period of minus 8 years. It includes many features including death benefits and tax benefits.
LIC Jeevan Azad Plan was launched last year in 2023, but its demand is still very high among the people. This is one of the popular schemes of LIC. Jeevan Azad Policy gives its customers the benefit of security and savings. Along with this, tax benefits and death benefits are also included in it. If you are also thinking of investing in LIC, then you must know the features of this scheme once.
Premium up to minus 8 (-8) years
LIC’s Jeevan Azad plan is a non-participating, individual saving endowment plan. In this, the maturity and death claim received by the investor is already fixed. In this, the premium has to be paid for a period of minus 8 years, that is, you will have to pay the premium for 8 years less than the number of years for which you have taken the policy. Suppose you have taken this plan for 15 years, then subtracting 8 years from 15 will give 7, that is, you will have to pay the premium for 7 years and if you buy the policy for 20 years, you will have to pay the premium for 12 years. You are given the option of monthly, quarterly, half-yearly and yearly for paying the premium.
Who can take advantage of this
In this policy, payment of lump sum amount on maturity is guaranteed. The minimum sum assured is Rs 2 lakh and the maximum sum assured is Rs 5 lakh. This special plan of LIC can be purchased for a period of 15 to 20 years. The age limit is different according to the period. Plans for 18, 19 and 20 years can be purchased even for a three-month-old child and the maximum age limit for this is 50 years.
On the other hand, the 17-year plan can be purchased by people from 1 year to 50 years of age, the 16-year plan can be purchased by people from 2 years to 50 years of age and the 15-year plan can be purchased by people from 3 years to 50 years of age.
Death benefit and two types of tax benefits
Talking about death benefit, it is given more than the basic sum assured or up to 7 times the annual premium. It is at least 105% of the total premiums paid till the date of death. Apart from this, tax benefits are also given in the plan. The premium paid is exempted from income tax under 80C, apart from this, the amount received on maturity is tax free under 10 (10D). After paying the premium of the policy for two years, there is also a facility to surrender the policy and take a loan on it.
